(1) A policy of sea insurance may not be stamped at any time after it is signed or underwritten by any person, except in the 3 cases following, that is to say—
(a) any policy of mutual insurance having a stamp thereon may, if required, be stamped with an additional stamp: If at the time when the additional stamp is required the policy has not been signed or underwritten to an amount exceeding the sum or sums which the duty already stamped thereon extends to cover;
(b) any policy made or executed out of Saint Lucia, but being in any manner enforceable within Saint Lucia, may be stamped at any time within 10 days after it has been first received in Saint Lucia on payment of the duty only;
(c) in the case mentioned in section 54(3).
(2) However, a policy of sea insurance shall for the purpose of production in evidence be an instrument which may legally be stamped after the execution thereof, and the penalty payable by law on stamping the same shall be the sum of $250.